P, Q and R are partners. On 31st July, 2022, R died and his share of profit till the date of death is to be calculated on the basis of turnover. The turnover for the year 2021-22 was ₹6,00,000 and profit ratio is 10%. During the year 2022-23, there is an expectation of 20% increase in turnover. Calculate R's share of profit till date of death.

₹8,000

The correct answer is option (1) : ₹8,000.

Sales for the year 2021- 22 = ₹6,00,000
Increase in sales = 20%
Sales for the year 2022-23 = 6,00,000 x 120/100
                                       = ₹7,20,000

Profit percentage = 10%

Profit for the year 2022-23 = 7,20,000 x 10/100
                                       = ₹72,000

Profit upto 31st July 2022 = 72,000 x 4/12
                                     = ₹24,000

As no profit sharing ratio is mentioned which means profit is shared equally between partners.

R's share in profit = 24,000 x 1/3
                          = ₹8,000